Home buyers are often confused about their lender’s valuation. Many still believe their valuation is a survey and is being done for their benefit. That’s why we’re here to explain the difference between a valuation and a survey.
Increasingly, lenders take a risk-based approach and might well use an automated valuation model which can result in nobody physically visiting the property.
Independent research from the Royal Institution of Chartered Surveyors found that on average homebuyers spent £5,750 on unforeseen repairs when they moved into their new home. The vast majority will have relied on the lender’s valuation only.
All our valuation reports are carried out by RICS qualified Surveyors, who will provide reports tailored to your specific needs, prepared in accordance with the current RICS Professional Standards. Alasdair Morrison Chartered Surveyors only employ RICS qualified surveyors who are also members of the RICS Valuer Registration Scheme.
Watch this video to understand the benefits of commissioning a professional survey before you buy.